More than 100 arts and heritage organisations here could find themselves receiving twice the amount of cash donations each year with the launch of the $200 million Cultural Matching Fund on Friday, Nov 1.
The dollar-for-dollar matching fund was first announced in Parliament in March by Acting Minister for Culture, Community and Youth Lawrence Wong, to encourage private-sector donations to the cultural sector.
The matching grant is open to arts and heritage charities and institutes of public character, which have existing accountability frameworks such as governing boards that can leveraged. There are currently more than 100 such arts and heritage groups.
All cash donations from private sources, including foundations, corporations and individual donors, will be matched with no minimum requirement.
There is, however, a $10 million cap per organisation for the lifespan of this fund - until it is used up - to ensure all eligible groups stand a fair chance of benefiting from it.